Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Wednesday, February 20, 2008

CP Group eyes more niche projects

PETALING JAYA: CP Group, the developer of the 22-storey CP Tower and 388-room Eastin Hotel in Section 16 will be embarking on an integrated mixed development on the fringe of Kuala
Lumpur’s city centre.

“Details for the project are still being finalised but we are hoping to launch the project by this year,” said its sales and marketing manager James Bruyns (pix), who refused to disclose further details. Initial plans include commercial and residential units as well as a hotel.

An artist's impression of CP Group's Casa Idaman development

The developer’s current development in the Klang Valley is Casa Idaman, a condominium project off Jalan Ipoh, KL. Casa Idaman offers affordable high-rise homes situated on a 5.31-acre
leasehold tract. There will be 3- and 4-bedroom units with built-ups of between 1,007 sq ft and 1,181 sq ft priced from RM200,560 to RM243,300.

The project consists of two 18-storey blocks of 304 units each with a stand-alone clubhouse situated in between. Facilities available in the development include a swimming pool, gymnasium, reflexology path, nursery and cafeteria. The maintenance fee has been fixed at about 15 sen.

Bruyns said the area of Jalan Ipoh is a popular place for families to stay from youth to old age. “It is perceived as an address where the older generation wants the younger generation to live, not far from their roots of origin,” he said.

He added that the development is targeted at those living in a 5km to 8km radius, in areas such as Kepong, Selayang, Sentul and Batu Caves. About 90% of the first block has been sold since its soft launch in the forth quarter of last year, with purchasers comprising mainly of upgrading families, young couples and first-time homebuyers. The second block is now open for sale.

“Casa Idaman offers privacy, living space, security, proximity to friends and family, a magnificent city view and the convenience that only an established community can give,” he said.

Casa Idaman is located approximately 6km from KL’s city centre with easy access via Jalan Ipoh, Jalan Kuching, Jalan Duta, Jalan Tun Razak, Penchala Link and the North Klang Valley Expressway. It is scheduled for completion in 2010 with a GDV of RM140 million.

Flagship project
The group’s flagship project is the RM3 billion Queensbay waterfront development located on a 73-acre freehold site in the southeastern corridor of Penang Island. It comprises waterfront villas, condominiums, corporate suites, corporate office towers, serviced apartments, hotels and the longest and largest shopping mall in the northern region.

Bruyns said the response for the properties in Penang has been very encouraging with almost all of the properties launched since 2005 sold. “Our latest launch, Bay Capital, comprising office suites, has also achieved a 60% take-up rate since its launch at the end of last year.

He added that properties in Queensbay have also been enjoying strong capital appreciation. “For instance, a 4,000 sq ft shop office that was purchased for RM900,000 about two years ago is now worth about RM1.6 million,” he said.

He said the group would be launching its signature Bay Villas in the first half of this year. “The 86 units of 3-storey waterfront and garden villas are targeted at the very high-end niche market as prices range from RM3.5 million to RM5 million, with builtups of between 5,000 sq ft and 5,500 sq ft.” The project is scheduled for completion in 2010 with a gross development value (GDV) of RM500 million.

Other future launches include the RM150 million Queens Wharf and a RM1 billion integrated commercial precinct. The former comprises about 150 serviced apartments with built-ups ranging from 800 sq ft to 1,500 sq ft while the latter will have retail outlets, a five-star hotel, office towers, serviced residences, F&B outlets and a waterfront promenade.

On the property market outlook for 2008, he said although people would continue buying properties, they would be generally more cautious. They would be more fussy about a project’s location and the developer’s track record.

“Areas that are enjoying good take-up rates for properties include Petaling Jaya, Kuala Lumpur’s city centre, Sri Damansara, Kepong and Selayang,” he told theSun.

He said the group will be eyeing more niche projects and concentrating on completing each one before moving to the next to ensure quality in the products. “The group is working on a project-to-project basis to remain focused and deliver what had been promised to the buyers.” CP Group previously completed 2-storey link houses in Bukit Serdang, Selangor, the upmarket Kota Villas enclave located off Jalan Duta, KL, and recently, Semenyih Impian comprising 1- storey terraces in Semenyih, Selangor.

By theSun (by Yap Yew Jin)

No comments: